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NET INTEREST INCOME Net interest income increased by $2.1 million to $261.3 million for the first quarter of 2021 compared to $259.2 million for the fourth quarter of 2020 due mainly to higher income on investment securities and lower interest expense, partially offset by lower income on loans and leases and the negative impact on net interest income due to the change in the earning assets mix. The tax equivalent yield on average loans and leases was 5.20% for the first quarter of 2021 compared to 5.15% for the fourth quarter of 2020. The increase in the tax equivalent yield on average loans and leases was primarily due to higher loan discount accretion of $1.5 million and higher amortized loan fee income of $2.9 million mainly from higher PPP loan forgiveness in the first quarter of 2021 as compared to the fourth quarter of 2020.

Matt wagnerAgreement to purchase the homeowners association businessMonths of civic financial services operationsUnion bankLosses benefitInterest incomeCompared withWith continued strengthDriven by two monthsCivic financial servicesHigher acquisition costsSpecial mention loans fellDeposits decreasedLease productionDown slightly fromProduction was offset with payoffs